Navistar to cut jobs
CHICAGO, Ill. (Aug. 28, 2002) — Navistar, the maker of International trucks and engines, says it plans to cut about 10 per cent of its workforce and slash the number of suppliers it uses.
According to news reports International plans to start by cutting about 1,400 jobs at its Springfield, Ohio, and Indianapolis plants at the beginning of September. Bloomberg News Service reports the company may also cut as many as 500 workers on Nov. 1, at the Chatham, Ont., truck plant.
Last week Navistar reported losses for the third quarter and first nine months of the year, and warned of a fourth quarter loss. But the company said even if the demand for new trucks doesn’t increase in 2003, Navistar expects to be profitable for the full year 2003 as it works to reduce fixed costs and improve operating efficiencies.
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